He likes this company. Not too long ago he was buying it close to $10. They have a fairly sizable operation in the Alberta area, and a good deal of that is energy related. As a result, he thinks that is why it has pulled back as much as it has. Over the next few years, with the infrastructure building that is going to occur, this is certainly going to be a participant. Try to buy close to $12-$12.50.

“Say on pay” was rejected at the annual meeting. Would this have made a big deal of difference to the value of a company stock? The whole “Say on pay” is a pretty complicated issue. Institutional shareholders want to see more long-term incentives to be met with longer-term rewards. This bank caught everybody off guard with the extra pay packages for the leaving executives. Investors are not well served by those kinds of surprises and it does have some effect.

Being overly punished for some of its past transgressions. They are now suffering from being Alberta-based. A riskier stock than some of the others in the industry. It is a much smaller company so your risk-reward parameters are a lot greater. If things start going well again, you could see this stock increased significantly. At current price levels, it is probably really good value, but it is hard to know how long it will take to see that value surface.

A very well-managed company. Made some significant acquisitions in land areas that give them potential drilling targets for years to come. He expects them to live beyond the current problems in the industry with a good chance to prosper again. At this level it is a good longer term hold.

Within the materials group, this is one of his favourite stocks, primarily because Constancia is coming on stream this year. Over the next couple of years, he expects to see significant cash flow being thrown out of their operations. Prefers it at $10, but wouldn’t hesitate to buy at this level.

Extremely well-managed company. They did a $1 billion issue in the last week and are making a significant purchase of some properties in the US. Thinks the combination of new equity and their debt has caused the stock to pull back a little. People are waiting for more details on the acquisitions they are making. He has been looking at this.

Given the current price, looking out over the next few years he can see other companies in the sector that are perhaps selling at more modest multiples to the potential growth.